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VENTURA, Calif., May 10, 2013 (GLOBE NEWSWIRE) -- Clean Diesel Technologies, Inc. (Nasdaq:CDTI) ("CDTi" or the "Company"), a cleantech emissions control company, announced today its financial results for the first quarter ended March 31, 2013. The highlights are as follows:
First quarter revenue of $13.3 million, down 21.7% year-over-year
First quarter net loss of $0.29 per share, versus $0.39 for the prior year
Cash and cash equivalents of $4.6 million as of March 31, 2013
Entered into a strategic joint venture with Pirelli & C. Ambiente SpA
Received CARB verification for key emission control product, "Purifilter® EGR"
"Our first quarter 2013 consolidated results were in-line with our expectations heading into the period," said Craig Breese, President and Chief Executive Officer of CDTi. "We anticipated relatively lower overall top-line growth this quarter compared with the first quarter of last year due in large part to a substantial amount of Heavy Duty Diesel ("HDD") Systems retrofit sales that occurred in the first quarter of 2012 from the 2011 London LEZ program. This created a challenging year-over-year quarterly comparison in this segment and overall. We expect activity in the California retrofit market will increase as we progress through the year and continue to make enhancements to our sales and marketing team, distribution system, and verified retrofit solutions. Our Catalyst division continued its momentum posting a 36.9% increase in OEM sales as our business was supported by the success of the new 2013 Honda Accord. Looking ahead, while some uncertainty remains in a number of markets, we expect improving order trends in both our Catalyst and HDD Systems divisions.
"Our operational performance continued to improve in the first quarter, resulting in better gross margins sequentially and year-over-year, as we leveraged our cost control initiatives and supply chain management, including aggressively managing inventories across both business divisions. We believe there are additional cost savings available to further lower our breakeven point in 2013.